No one really wants to sit down and draft an estate plan. It's a difficult process to go through, and requires contemplation of one's own mortality or future disability. However, the detriment to the family in the event of a loved one's untimely death, or stroke, without a plan can be huge. People that love their families and try hard to provide for them during life will similarly want to provide for them at death. If you don't have a plan, or if your plan hasn't been reviewed in more than 5 years, call for an appointment today.
  1. We see a lot of wills that are 20, 30, 40 years old. Think about how many times Congress has met to "tweak" the tax system during that time. Think of your family members that were alive back then, but aren't now; and those that weren't born yet. Think about how many changes you have gone through since you signed that Will. Look at your choice of executors - would you still choose the same people today? A will that sets up guardians for children that are now in their 30s and 40s, or that doesn't take into account these changes, needs to be reviewed immediately.

  2. We take no position on whether probate should, or should not be, avoided as the decision is never simple and depends on a family's specific situation. However, if one of your primary goals is to avoid probate, then you must create a trust or other methodology to keep your assets out of "probate". If you have a Will and your assets are in your own name, then your heirs will by definition need to go through probate.

  3. There is no law in the State of Connecticut that requires a bank or other financial entity to accept your "power of attorney". Many banks in this State will refuse to accept them if they are more than 3, 6, or 12 months old. If you intend to rely on a power of attorney to let your loved ones access your accounts in the event of illness, update them today.

  4. If you die without an estate plan, state and federal law will determine who receives what from your estate. You may think that your spouse will get everything, but that is rarely true. If you want to be sure that your estate goes where you want it to go, create a plan today.

  5. If you have children under 18, you must protect those children in the event of your untimely death. Who will be the guardian and raise your children if you can't do so? Don't leave that critical decision to a judge, or require your family to fight it out. Spell out your desires in your plan and be confident that your children will be protected. You write out instructions for the babysitter when you're gone for a few hours or overnight - why not write out instructions for the unlikely event that you never come back?

  6. If you have children under 18, who will manage your estate for them until they are old enough to do so themselves? We've all heard horror stories about money being spent, and the child attaining the age of 18 only to find out he is penniless. Protect your finances, and ensure that the funds will be there for your child, by establishing a financial guardian with safeguards. Think about whether you would want your child to receive a large check on his 18th birthday, or if you prefer to have whatever is left distributed over a period of time, and prepare your plan accordingly.

  7. If you own a business, plan for it's sale or continuation (or your share of the company) after you are gone. Many businesses fail when an owner passes away, or becomes ill, unexpectedly and it is easy for a business that the owner spent a lifetime creating, to fail within months or a year of his death. Plan ahead.
If you'd like to schedule a free, no-obligation consultation in one of our offices you can call toll free at 888-336-1212
between 9:00 and 5:30 Monday through Thursday, or click here to use our interactive calendar.